Dyesol secures $4 million from Saudi firm


Australia-based dye-sensitized photovoltaics developer Dyesol has received $4 million from the Saudi Arabian titanium dioxide producer in the form of a 15 month redeemable loan note, convertible into Dyesol shares at $0.166 cents per share.

The two companies have laid out a six month exclusivity period in which they will consider partnership and investment opportunities, R&D collaboration and Middle Eastern demonstration projects, according to a statement released.

The investment may also be scaled up to $20 million during the exclusivity period, which would be convertible into $0.18 cents per share. If this occurs, the investment will require shareholder approval, as it would account for a 20% share of Dyesol.

Dyesol UK and Tasnee subsidiary Cristal have been working together since 2009 to develop nano-titania, a key material in the manufacture of Dyesol’s Dye Solar Cell (DSC) photovoltaic cells.

A further $2 million will be raised by Dyesol via a Share Purchase Plan (SPP) at 16.6 cents per share. "In addition," said the company, "Dyesol has investigated other non-dilutionary funding options in recent months, including Government clean energy funding programs, which will mean it is confident of fulfilling all its funding obligations in major projects during 2013 and beyond."

More details will be available next week, when pv magazine speaks to Dyesol about what the investment means for the company, and what specific plans are on the table.

Popular content

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.


Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.